Farmers Insurance Group announced it has filed for a rate reduction with the Nevada Department of Insurance on all homeowners business in the state of Nevada. If approved by the department, beginning with September 16th renewals, many of Farmers’ customers in Nevada will see a rate decrease that will average 1.8 percent. Actual savings will vary depending on location and value of the home.
In addition to the proposed rate decrease, Farmers will also be increasing and expanding the home/auto discount. Improved loss results have allowed Farmers to increase its home/auto discount to up to 15 percent. “This gives us one of the highest home/auto discounts in the industry,” said Susan Bithell, Farmers’ Nevada State executive director. “Improved loss results on our packaged policies have allowed us to pass the savings on to the customer,” added Bithell.
Farmers will implement the rate reduction once approval is received by the Nevada Department of Insurance, which is expected to happen by the end of June.
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